Safe Protocol (SAFEP) Listing on ChainX
Safe Protocol (SAFEP) will be listed on April 15th at 20:00(KST)
Trading Pair : SAFEP/KRW
About Safe Protocol (SAFEP) : https://safeprotocol.io
Within any project that considers the construction of an ecosystem based on Blockchain, including the development of an own token, there is a need to support, among other aspects, the value of the token, to study the factors that influence its initial value, growth, how to obtain said tokens, and fluctuation of their value over time.
When an idea of a Blockchain project for the development of a token arises, it must be understood that although this topic is something innovative, it still depends on concepts belonging to the economy, such as supply and demand, in addition to defining a structure of operation of said token or native currency and with this construct the ideas on a solid and transparent bases that generate confidence in the project.
A token or native currency has a value sustained in the ecosystem or its native protocol; these tokens serve as a medium of exchange, store of value, and unit of account. By definition, then, it can be said that it serves as a currency in the protocol economy it supports (Burniske, 2017).
The developers of Ethereum at the end of 2015 released the token standard ERC20, which is a standard interface for tokens in the Blockchain Ethereum (“ERC-20 Token Standard”, 2015). One of the great advantages of this standard is that it provides basic functionality for transferring tokens and also allows the tokens to be approved so that other members of the chain can use them. The central idea is that any Ethereum token is reused by other applications from wallets to decentralized exchanges.
To fully comply with the ERC20 standards, a specific set of functions must be incorporated into a smart contract that, at a high level, will allow the following actions ;
- Get the total supply of tokens.
- Get the balance of an account.
- Transfer token.
- Approve that the token can be spent.
A reason that has popularized the use of Ethereum ERC20 standard is interoperability: this is a great advantage, because if all the tokens created in the Ethereum network use the same standard, those tokens will be easily.
interchangeable and will be able to work immediately with decentralized applications or DApp that use the ERC20 standard, this has made it the most used standard in the cryptocurrency industry for the creation of new tokens.
Among the benefits in the use of this standard we have:
- A standard protocol that facilitates the work to the developers.
- Less complexity in the understanding of each type of tokens implemented,
since all will be based on the same principles of functionality.
- Greater liquidity of the ERC-20 tokens, as they are used in a large part of the ICOs and as a basis for work for the projects.
- Lower risk of breaking contracts, having no impediments or incompatibilities.
ChainX exchange support the deposit and withdrawal of Coalculus(COAL) (https://chainx.kr/)